Australian money managers are rushing to open new gold funds to capitalise on the record rally in the precious metal, with some so bullish that they are tipping the shares of cashed-up mining companies to double from here.

The euphoria has hit fever pitch after gold prices burst through $US3000 an ounce for the first time late last week, extending a rally that has pushed the price up by more than 14 per cent in 2025 and 40 per cent in the past year. Bullion hit a fresh record above $US3030 an ounce on Tuesday.